PowerHouse raises £0.25m through direct subscription

PowerHouse announced on Friday that it has raised £0.25m by way of a direct subscription, issuing 38,461,538 new ordinary shares of 0.5p each in the company, at a price of 0.65p per share.

The AIM-traded company said the new ordinary shares represent 6.3% of its enlarged issued share capital.

Application is being made for the admission of the new ordinary shares to trading on AIM, with that set to occur on or around 21 July.

PowerHouse’s board said after the issue of the shares, the company will have 607,934,536 ordinary shares in issue and none in treasury.

“As we move to completion of final testing and commissioning of the G3-UHt System in Brisbane, we’ve made the decision to expedite the hiring of several key project management and business development staff to support the company’s commercial roll-out,” said PowerHouse chairman Keith Allaun.

“Acquiring this additional capital will afford us greater flexibility, and allow us to respond to potential customer requests far more rapidly.”

Allaun said the board was confident that the capital infusion will see it through the next stage of development as a company.

“With the uncertainty surrounding Brexit and potential market conditions, the board and I believe that this move is in the best interests of the company and our shareholders,” he explained.